Socedo Inc., a marketing services firm, received $1 million in venture capital last week to further develop its technology designed to help clients predict what their customers are likely to buy, the firm says.
Socedo will use the funding “to further develop its demand-generation platform,” which uses information from social media to help clients build personalized marketing campaigns, Socedo says.
The funding, which brings Socedo’s total capital raised to $2.5 million, is from investment firms TechStars Ventures, Vulcan Capital, Divergent Ventures and other unnamed “angel” investors.
Socedo, which was founded in 2012 and has about 25 employees, doesn’t report revenue figures. But earlier this year, it said it had tripled its revenue year over year in 2016. It attributed that growth largely to such new clients as Google, Microsoft Corp., computer and I.T. products manufacturer Lenovo Group and MuleSoft, a provider of software designed to integrate disparate internet technology applications and platforms to enable them to share data.
In 2017, Socedo plans to focus on several initiatives designed to help B2B marketers better connect with targeted audiences. It will invest in “predictive algorithms” that use information, or “social signals,” from social media sites that indicate which marketing leads are mostly likely to respond to pitches and convert to making a purchase. Among other efforts, Socedo says it will pull in more buyer-behavioral data from throughout the web to help marketers build targeted marketing campaigns.
In addition, it will expand on efforts it started last year to integrate its software with that of other marketing technology providers that use information from social media, including Marketo, Oracle Eloqua, Pardot, Hubspot and Salesforce CRM. Clients of Socedo that also use any of these other marketing applications will be able feed them with information from Socedo’s files of social media data to trigger automated marketing campaigns, Socedo says.
Socedo is a SaaS, or software-as-a-service, provider, which means it hosts the software and clients access it via the web.
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